There comes a time in any entrepreneurs mind where they start thinking about rebranding their business. Whether they have been in business for less then 3 years or more then 10 years, rebranding has crossed their minds. And that’s okay. Rebranding can be the solution of many problems. It can be an opportunity to start fresh. It’s also great to help you stay current with the new trends. However, rebranding can also be a risk. It can confuse your already list of loyal customers. And, if done wrong, it can also mean business suicide.
That’s why it’s important to think things through before you decide to rebrand. Really consider all the aspects of what it will mean to rebrand your business. Make a plan. Create a list of pros and cons. Is rebranding really your only option? Are there other ways to help grow your business? After careful consideration and a full analysis of what this will mean for your business, make your decision. Don’t forget: once you’ve rebranded your business, there’s no going back. So you want to make sure that you’re making the right decision for you and your business.
To help you in your decision making, we’ve put together a list of pros and cons of rebranding. This list is meant to give you a clearer idea of what it means to rebrand your business and how it can affect it.
- Attracts new customers
- Helps you create new goals
- Increase engagements with clients
- Opens the door to new possibilities and business opportunities
- Clear consistent communication with your customers
- Allows you to stay current with new trends
- Gives you the opportunity to set yourself apart from your competitors
- Could eventually mean an increase in sales / profits
- Helps you focus on the future
- Can represent proof that your business is growing
- Can create a confusion with your existing clients
- Could mean a potential loss of existing clients
- You will most likely have to spend money: marketing, new design / logo, website…
- If done wrong, could hurt your business
- Doesn’t guarantee results – so it’s a risk
- You can’t go back – once you’ve rebranding, that’s it, you can’t go back.
- Requires a lot of research and resources
- Not everyone will understand it
- It’s permanent – make sure you’re rebranding well because no one rebrands more than once.
- Takes time and patience to see results